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You can always write up the contract with a contingency of your buyers receiving and approving the disclosure and paint disclosure within a certain period of time.
I would not react to a verbal offer until a copy of the contract and escrow deposit was faxed to me.
On the flip side, I would not write an offer until we received critical property disclosures. Why bother to communicate/negotiate price/terms based upon assumptions?
I am just curious, as to why verbals are done instead of writing the offer with a deadline? What's the advantage?
It's rare for me to do an original offer not in writing but I will do a verbal sometimes when the offer is quite a bit lower than I know would be expected. I find out if we should even bother with writing it up, so I verbally convey the offer...the sellers agent relays it, the seller then tells us either get lost or yes, bring it to the table, we'll look at it.
If I do an original offer in writing often times the negotiating is verbal until there is a final meeting of the minds and then the changes are done by the seller or their agent, initialed and then the buyers initial and it's executed. I wouldn't do it on something that is a 'hot' property or if the market is super robust.
If I were to do a verbal negotiation, I would ALWAYS follow it up in writing via email, and even then it needs to be in writing on the proper form or it's meaningless. It only takes being burned once to teach one something that basic, and that it's not an agreement until it's in writing and signed off on.
I am just curious, as to why verbals are done instead of writing the offer with a deadline? What's the advantage?
Some agents do chose not to go verbally, that being said, a verbal saves time, gas, meeting everyone to get new numbers initialed etc.
Of course there is the chance of being burned - I try to explain to the buyers this and sellers of course.
That being said, after verbal negotiations for two days, we have come to an agreement on both sides, within 24 hours, my contract was signed, delivered to the seller yesterday, already faxed to the sellers attorney, inspection in tomorrow - (monday) once that passes, I will bring down the contract and inspection release to our attorney and hopefully all will go from there..
thanks for all the feedback everyone!!!
verbals just save us all time period - and like i said, i have the contracts delivered and signed within 24 hours -
Doesn't save gas in our case, because we all have scanners and email!
Time, maybe, but having put time over sticking to the letter of the law by getting it in writing and been burned, trust me, it didn't save me THAT much time!
But different states have different laws. I just like to have written proof on my side.
And congratulations on the contract! May all go smoothly from now until closing.
Ask your buyer to be honest about how much this home means to them. Put everything important to them in writing, how much they will pay, repairs, when they want to take possession, etc, etc, etc. Submit this to the seller as a "BEST AND FINAL OFFER". You send the selling agent your own contract with what you consider fair for your compensation because you will be doing a lot of work on this one and I personally wouldn't accept anything less than what is generally acceptable in your area. Good luck and I would begin looking for another home within the criteria this home has to offer. GOOD LUCK, I don't envy your situation at all, but I do applaud your efforts in this.
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